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Hyflux's $290m deal with Middle Eastern backer collapses

UAE-based Utico drops cash offer for troubled Singapore water company

Hyflux's $290 million deal with United Arab Emirates-based utility Utico, reached last November, expired after Utico demanded a change to the terms of the agreeement.

SINGAPORE -- Singaporean water company Hyflux announced Friday that a financial restructuring agreement with United Arab Emirates-based utility company Utico is no longer in effect.

Hyflux reached a $290 million deal with Utico last November under which Utico was to have invested cash into the embattled Singaporean company in return for a 95% stake. A creditors meeting was scheduled for April but was postponed due to the novel coronavirus outbreak.

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